Black Cedes Apollo Reins to Rowan in Wake of Epstein Scandal
- Black will remain chairman of the firm he co-founded in 1990
- Law firm finds Apollo never retained Epstein for any services
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Leon Black, who founded Apollo Global Management Inc. three decades ago in the aftermath of one scandal, is retiring as chief executive officer in the aftermath of another, this time involving the notorious sex offender Jeffrey Epstein.
Just months after Apollo announced an internal investigation into Black’s long association with the late financier, the investment firm said in a statement Monday that he would retire as CEO no later than July 31, while remaining chairman. Marc Rowan, one of Black’s top lieutenants, will succeed him as CEO as part of a governance overhaul that will also eliminate weighted voting rights.